English 
English Welcome
on East Filters
Looking for auto parts? Please click below.
Our products
Racor Fuel filter/Water Separator
Oil water separator parts
Sakura Filters Equivalent
Fuel filter accessory
Top Searches
Oil filter
Fuel filter
Air filter
Oil water separator
Fuel water separator
Racor
Volvo
Caterpillar
Benz
Perkins
Scania
Komatsu
MAN
HINO
Iveco
TOYOTA
Chrysler gets $4 billion US government loan
Chrysler LLC on Friday received an initial $4 billion emergency loan from the U.S. government,two days after the government completed a parallel payout toits larger rival General Motors Corp.
'This initial loan will allow the company to continue anorderly restructuring,' Chrysler Chief Executive Bob Nardellisaid in a statement.
U.S. Treasury Department spokeswoman Brookly McLaughlinconfirmed that the government had sent the $4 billion in fundsto Chrysler on Friday.
General Motors Corp (GM.N) received $4 billion in emergencyloans on Wednesday. Both Chrysler and GM have said they needthe infusion of government cash to meet payouts to suppliers ata time when a plunge in auto sales has drained their cashholdings.
Officials have not spelled out why the loan to GM and aseparate $6 billion funding for its affiliated finance firmGMAC were completed ahead of the Chrysler transaction.
In an email to employees, Nardelli suggested that thecomplexity of the deals had delayed the first payout toChrysler, which had been expected to be completed before theend of the year.
'The Treasury Department has been working to complete themultiple, complex financial arrangements quickly andsequentially. The magnitude of these discussions wassignificant,' Nardelli said.
When major automakers release results on Monday, Decemberauto sales are expected to show that industry-wide sales fellto the lowest full-year level since 1992.
Under terms of the government bailout, Chrysler and GM willhave to submit restructuring plans by mid-February anddemonstrate that they are viable by the end of March.
Chrysler is controlled by Cerberus Capital Management, and as the only privately held of the Detroit-basedautomakers it faced the most scrutiny in congressional hearingson the proposed bailout for the industry.
Cerberus also owns 51 percent of GMAC.
The Bush administration approved a $17.4 billion bailoutfor the auto operations of GM and Chrysler in December.
Of that total, GM has been promised another $9.4 billion ingovernment loans under that program in addition to the $4billion payment made on Wednesday. The final $4 billion of thebailout approved for GM will require Congress to approve thefunding.
Chrysler was given $4 billion by the U.S. government afterasking for $7 billon.
The bailout represents the second U.S. government rescue ofChrysler in 28 years.
Rival Ford Motor Co (F.N) has not sought government loansbut has asked for a $9 billion line of credit it could tap ifbusiness conditions worsen beyond its projections.
'This initial loan will allow the company to continue anorderly restructuring,' Chrysler Chief Executive Bob Nardellisaid in a statement.
U.S. Treasury Department spokeswoman Brookly McLaughlinconfirmed that the government had sent the $4 billion in fundsto Chrysler on Friday.
General Motors Corp (GM.N) received $4 billion in emergencyloans on Wednesday. Both Chrysler and GM have said they needthe infusion of government cash to meet payouts to suppliers ata time when a plunge in auto sales has drained their cashholdings.
Officials have not spelled out why the loan to GM and aseparate $6 billion funding for its affiliated finance firmGMAC were completed ahead of the Chrysler transaction.
In an email to employees, Nardelli suggested that thecomplexity of the deals had delayed the first payout toChrysler, which had been expected to be completed before theend of the year.
'The Treasury Department has been working to complete themultiple, complex financial arrangements quickly andsequentially. The magnitude of these discussions wassignificant,' Nardelli said.
When major automakers release results on Monday, Decemberauto sales are expected to show that industry-wide sales fellto the lowest full-year level since 1992.
Under terms of the government bailout, Chrysler and GM willhave to submit restructuring plans by mid-February anddemonstrate that they are viable by the end of March.
Chrysler is controlled by Cerberus Capital Management, and as the only privately held of the Detroit-basedautomakers it faced the most scrutiny in congressional hearingson the proposed bailout for the industry.
Cerberus also owns 51 percent of GMAC.
The Bush administration approved a $17.4 billion bailoutfor the auto operations of GM and Chrysler in December.
Of that total, GM has been promised another $9.4 billion ingovernment loans under that program in addition to the $4billion payment made on Wednesday. The final $4 billion of thebailout approved for GM will require Congress to approve thefunding.
Chrysler was given $4 billion by the U.S. government afterasking for $7 billon.
The bailout represents the second U.S. government rescue ofChrysler in 28 years.
Rival Ford Motor Co (F.N) has not sought government loansbut has asked for a $9 billion line of credit it could tap ifbusiness conditions worsen beyond its projections.
